It is notified for general information that M/s Residency Housing Finance Limited, has been approved by the Central Government for the purposes of section 36(1)(viii) of the Income-tax Act, 1961, for the assessment year 1999-2000.

2. The approval is subject to the conditions that :

(i) the company has the main object to carrying on the business of providing long-term finance for construction or purchase of houses for residential purposes; (ii) the company submits every year a copy of its audited profit and loss account and balance sheet along with a statement of deduction claimed under this section before its due date for filing return of income under section 139(1) of the Income-tax Act, 1961 ;

(iii) special reserve as required is created and maintained as per the Act, and

(iv) all other conditions contained in section 36(1)(viii) of the Income-tax Act, 1961, are fulfilled.